The Academy Awards to Depart ABC and Stream on YouTube Beginning in the Year 2029.
The Oscars ceremony are set to start airing only on YouTube in the year 2029, representing the newest major shift in the film industry.
The organization behind the Oscars revealed the news on Wednesday, stating that it entered into a long-term agreement granting YouTube the unique international license to the Oscars through 2033.
The Oscars, set for 15 March, has been televised for five decades on ABC. Commencing in 2029, the show will be accessible in real-time without charge on YouTube.
This is a further substantial upheaval in Hollywood, which is dealing with corporate acquisitions and consolidations, in addition to severe production cuts.
"The Academy is an worldwide body, and this collaboration will enable us to broaden reach to the mission of the Academy to the largest worldwide audience attainable - which will be positive for our Academy members and the movie industry," said organization heads in a statement.
Over decades, ratings of the ceremony have declined, though there was a small rise in recent years, with a considerable amount of youthful audiences watching from cell phones and computers.
In a corresponding announcement, the head of YouTube described the Oscars "one of our essential cultural institutions" and noted that working with the Academy would "spark a fresh wave of artistic expression and cinema enthusiasts while adhering to the Oscars' illustrious legacy".
The broadcast network, which has aired the awards since the mid-1970s, said that it was looking forward "to the upcoming broadcasts" it will still host.
This shift comes as film industry giants confront challenging merger discussions. Such proposals were viewed as problematic for an industry that has seen significant downsizing over the past several years.
In common with big production houses, cable networks have struggled as the viewers has increasingly opted for streaming services instead.
YouTube obtaining rights to the Oscars strongly indicates that the dominance of digital platforms will continue increasing.
